Helical has negotiated a 150-year lease from handover of the site, which is due in April 2018. Construction is expected to begin soon thereafter.
The site has planning permission for a six-storey office building designed by PLP Architecture. The building will be immediately to the east of Smithfield Market with views over Charterhouse Square. Completion of the scheme is expected in October 2019.
The 90,000 sq ft development would include a retail/restaurant unit on the corner of Lindsay Street and Charterhouse Street, all above the Farringdon East Crossrail Station.
PLP Architecture was appointed by Scott Wilson, Transport for London’s Over Station Development (OSD) framework design consultant.
Farringdon East Crossrail Station is due to be operational in December 2018 and will make Farringdon one of the biggest transport interchanges in Britain with 140 trains per hour from Crossrail, Thameslink and the London Underground.
Helical property director Matthew Bonning-Snook said: "We will deliver a stunning statement building enlivened by fine-scaled elevations inspired by the 19th century warehouses that frame the historic Smithfield Market. The external treatment of the building is sympathetic to its surroundings and reflects the colour palette of the architecture in the area, including vertical terracotta fins which will provide a different reading to each elevation dependent on the direction from which the building is viewed."
TfL director of commercial development Graeme Craig said "The Elizabeth line is set to redefine travel across our city and it is fantastic to see the sites above some of the major central London stations progressing. They will deliver much needed homes, office and commercial space and have been planned as an integral part of the development of the new railway, supporting new jobs and driving economic growth."
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